China's four-trillion-yuan stimulus package fueled by bank loans in 2009 has led to the rapid growth of shadow banking activities in China after 2012. The local governments in China financed the stimulus plan mainly through bank loans in 2009, and resorted to non-bank debt financing after 2012...

Hope is the emotional feeling experienced when a desired outcome happens with a positive probability. This article provides a behavioral definition of preference for hope. The definition requires the decision maker to have two behavioral patterns: hope preservation by delaying the resolution of...